50 Insights

Blog
New
Feb 6, 2024

Morningstar Features Insights from Carl Kaufman

Read Strategic Income lead portfolio manager Carl Kaufman’s current thoughts on the Fed in a Morningstar article titled: "Why Is Everyone Always Wrong About the Fed?"
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Outlook
Jan 23, 2024

First Quarter Equity Outlook

The Fed has been walking a tightrope for a while now, trying to tame inflation without crashing the economy. The data was encouraging throughout 2023, and we may soon find out if the central bank has actually engineered immaculate disinflation.
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Blog
Jan 19, 2024

A Differentiated Approach to Small Cap Growth

As small cap growth investors, we are singularly focused on identifying exceptional companies that have the potential to “graduate” to mid- and large-cap companies. By consistently focusing on smaller companies, leveraging our experience, staying disciplined in terms of valuation, and investing only in our best ideas, we have been able to deliver consistent outperformance over time.
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Video
Jan 17, 2024

January 11 Webinar Replay - Osterweis Strategic Income Fund Q4 Update

If you were unable to join our quarterly webinar, watch the replay to hear updates on the Osterweis Strategic Income Fund.
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Outlook
Jan 16, 2024

First Quarter Strategic Income Outlook

The market performed well in 2023, but inflation will likely remain a top concern for both the Fed and investors throughout the new year.
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Blog
Dec 28, 2023

A Single Source for Both Income and Capital Appreciation?

The Osterweis Growth & Income Fund (OSTVX) is designed to deliver equity-like returns while also providing consistent and growing income. Using a flexible and conservative — but somewhat unconventional combination of assets — we have created a single solution that addresses multiple investment objectives and also limits volatility and tax exposure.
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Blog
Dec 22, 2023

20+ Years of Common Sense Investing: Our Top 5 Principles

We have always believed that common sense is the key to successful investing. Since launching our Strategic Income Fund over two decades ago, our straightforward, flexible approach has allowed us to navigate all types of markets and consistently deliver strong risk-adjusted returns over time.
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Podcast
Nov 3, 2023

Forward Guidance Podcast - Interview with Craig Manchuck

Listen to a recent interview with Craig Manchuck on the "Forward Guidance" podcast, where he discusses the end of the zero interest rate era.
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Outlook
Oct 12, 2023

Fourth Quarter Equity Outlook

As the second quarter came to a close, the Fed’s elusive soft landing appeared to be within reach. However, inflation resurfaced during the third quarter, substantially complicating the near-term economic outlook.
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Outlook
Oct 11, 2023

Fourth Quarter Strategic Income Outlook

Like a watched pot that refuses to boil, the much-anticipated recession of 2023 has yet to materialize. In our latest Strategic Income outlook, we examine the reasons and discuss what might finally cause the temperature to rise.
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Blog
Sep 19, 2023

Catching the Wave: Why Secular Growth Matters

In our view, the specific market dynamics that influence a company's sales growth prospects have a greater impact on equity returns than the overall direction of the economy.
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Blog
Sep 7, 2023

TheStreet: Money manager says you should consider these 3 small-cap growth stocks

Bryan Wong, Portfolio Manager for the Osterweis Emerging Opportunity Fund (OSTGX), recently spoke to TheStreet about his team's investment philosophy, why they like small-cap growth stocks, and what industries he feels are the most attractive in the small-cap growth universe.
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Blog
Aug 31, 2023

Artificial Intelligence: A Seismic Secular Growth Opportunity

Artificial intelligence (AI) has been top-of-mind for investors for much of 2023, fueling a strong rally in the S&P 500. While it may take time for AI to have a similar impact on small cap stocks, we share the market’s enthusiasm and believe AI has the potential to become one of the most disruptive secular growth trends ever.
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Podcast
Aug 4, 2023

Deconstructing Alpha - Interview with Carl Kaufman: Why Income, Why Now?

Listen to a recent interview with Carl Kaufman on the "Deconstructing Alpha" podcast, where he discusses the inverted yield curve and the current bond market.
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Outlook
Jul 18, 2023

Third Quarter Equity Outlook

The S&P 500 has generated double digit returns so far in 2023, but the gains have been narrowly focused. Heading into the second half, we will be watching to see whether the rally broadens or the market capitulates.
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Outlook
Jul 18, 2023

Third Quarter Strategic Income Outlook

Despite persistent inflation and elevated short-term interest rates, the economy appears to be holding up well, and we believe the Fed may deliver the “soft landing” it has been trying to engineer.
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Blog
Jul 13, 2023

Focus on Dividend Growth, Not Dividend Yield

Dividends have historically played an important role in shareholder returns. In our view, companies that pay growing cash dividends also tend to reinvest in themselves, which can drive growth in cash flow and provide attractive returns with less volatility over time.
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News
Apr 25, 2023

Mutual Fund Observer: Osterweis Strategic Income Fund Profile

Mutual Fund Observer (MFO) recently published a profile on the Osterweis Strategic Income Fund. The profile highlights why MFO believes the fund "is one of the two or three best strategic income funds available to investors."
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Outlook
Apr 24, 2023

Second Quarter Equity Outlook

Despite recent market volatility, particularly in the banking sector, we believe the economy is currently experiencing several significant secular growth trends that will create strong tailwinds for companies that are well-positioned to capitalize.
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Outlook
Apr 13, 2023

Second Quarter Strategic Income Outlook

2023 has already been an eventful year, featuring a banking crisis and more Fed rate hikes. In our view, this is not a “set it and forget it” type of market – investors need to stay vigilant.
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Blog
Mar 24, 2023

Osterweis Strategic Income Fund Named Best Multi-Sector Income Fund (3-year category) in the 2023 Refinitiv Lipper Fund Awards

Osterweis Capital Management's Strategic Income Fund (OSTIX) has been named a 2023 Refinitiv Lipper U.S. Fund Awards Winner as the Best Multi-Sector Income Fund Over Three Years.
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Blog
Feb 24, 2023

Small Cap Growth Investing Across Market Cycles

Markets are unpredictable, which is one of many reasons it is difficult to consistently deliver alpha over long periods. In their latest commentary, our small cap growth team explains why their approach to managing the trade-off between risk and reward gives them the opportunity to outperform across market cycles.
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Video
Jan 30, 2023

January 26 Webinar Replay - Osterweis Fund and Osterweis Growth & Income Fund Q4 Update

If you were unable to join our quarterly webinar, watch the replay to hear updates on the Osterweis Fund and Osterweis Growth & Income Fund.
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Blog
Sep 20, 2022

Dividend Growth Stocks and High Yield Bonds: An Innovative Approach to Generating Investment Income

Generating investment income is challenging, especially in the low-yield environment we have been living with for the past decade. We believe that combining dividend growth stocks with an allocation to shorter-duration non-investment grade bonds is an effective solution.
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Blog
May 17, 2022

Kiplinger: The Osterweis Strategic Income Fund is Discussed in this Field Guide to Income Investment Opportunities

This Kiplinger article quotes Carl Kaufman, who describes the Osterweis Strategic Income Fund's (OSTIX) tendency to perform well in down markets.
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News
Apr 14, 2022

AdvisorIntelligence Annual Fund Review

Read AdvisorIntelligence's annual review of the Osterweis Strategic Income Fund, where it continues to rate the fund as “Recommended” in its Absolute-Return-Oriented bond fund category.
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Blog
Mar 14, 2022

Strategic Income Fund: Built to Withstand Challenging Markets

Bonds have started slowly in 2022 due to persistent inflation, a looming Fed tightening cycle, and the Russia/Ukraine conflict. We believe the Osterweis Strategic Income Fund is well-positioned to address these challenges, as its flexible mandate and defensive approach help to protect against rising rates and market volatility.
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Blog
Mar 8, 2022

Market Perspectives: Our Latest Thoughts on Ukraine

The Ukraine conflict has escalated rapidly, creating a massive humanitarian crisis and increasing volatility across financial markets. In this piece we review the major economic implications of the war and discuss the steps we are taking to manage the impact on portfolios.
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Blog
Jan 5, 2022

In Search of Upside: Finding Opportunities in Small Cap Growth

Small cap growth stocks lagged for most of 2021 as the market simultaneously dealt with the pandemic, inflation, and tightening Fed policy. Given these challenges, we have been focusing on high quality companies trading at attractive valuations, and we have also been looking at non-technology businesses that are embracing digitization.
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Podcast
Oct 20, 2021

Orion's Weighing Machine Podcast: Interview with Carl Kaufman

Carl Kaufman was featured a recent edition of Orion’s "The Weighing Machine" podcast. During the podcast, Carl discussed how he got into the business and the strategy behind the Strategic Income Fund.
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News
Jun 30, 2021

Press Release: Fund Name Change and Management Fee Reductions

Read our latest press release for details on the change of the Strategic Investment Fund's name to Growth & Income Fund, as well as management fee reductions.
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Podcast
Jun 25, 2021

Deconstructing Alpha: Interview with Carl Kaufman

Listen to a recent interview with Carl Kaufman on the "Deconstructing Alpha" podcast, where they discuss the history and active management of the Strategic Income Fund, as well as investing in the current low interest rate environment.
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Blog
Jun 18, 2021

Why Secular Growth Matters, and How We Find It

Growth stocks have lagged cyclicals so far in 2021, but we remain steadfast in our belief that secular growth is the key to generating long-term returns. In this piece, we discuss how we find attractive opportunities in the small cap universe.
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Blog
Mar 31, 2021

Price Makers, Share Gainers, and Compounding Machines: Three Quality Business Models

Defining a quality business is easier said than done. We have found that the highest quality businesses either consistently exercise pricing power while maintaining market share or consistently grow market share by undercutting incumbents. A choice few companies we call “compounding machines” can both raise price and increase market share.
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Blog
Mar 11, 2021

In a Speculative Market, Focus on Fundamentals

As investors have become more optimistic about the U.S. economy, speculative activity has become a progressively bigger driver of returns, particularly in small and micro-cap stocks. While we always welcome an equity rally, in volatile environments like this, we believe it is more critical than ever to focus on fundamentals and invest only in the highest quality firms.
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Blog
Dec 28, 2020

Back to (the New) Normal: Five Secular Growth Trends for 2021

The coronavirus pandemic is a once-in-a-lifetime event that transformed society and the economy almost overnight. We believe some of the most significant changes are likely here to stay, and we are focusing our investments on the secular growth trends we expect to strengthen as life returns to normal.
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Blog
Dec 7, 2020

The Case for Waste: Finding Growth in Garbage

Although investors don’t normally think about trash when they’re looking for growth stocks, we believe the solid waste industry is well-positioned to outperform. In our view, the combination of high barriers to entry, stable demand, and opportunities for consolidation should provide reliable revenue growth for the foreseeable future.
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Blog
Aug 14, 2020

A Bright Future for Renewables: Lower Costs and Rising Demand

Following decades of investment and cost reduction, electricity from renewable energy should be cheaper than most existing fossil- and nuclear-fueled electricity within the next three-to-five years. We believe selectively investing in operators with scale and cost advantages in this sector should be rewarding given the increasing demand for clean energy.
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Blog
Jul 8, 2020

Steepening the (Adoption) Curve: Covid-19 and Digital Transformation

In the era of social distancing, technology has become even more integrated into our personal and professional lives. We believe this trend will persist even after the pandemic passes, and we expect it will particularly benefit firms that support remote working arrangements and eCommerce, two areas where we anticipate accelerating adoption and sustained growth.
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Blog
Oct 11, 2019

When Evaluating Venture-Backed Initial Public Offerings, Patience Is a Virtue

The venture capital industry has created a robust pipeline of new public companies, but in our view discipline is the key to finding the best opportunities.
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Blog
Aug 23, 2019

Aligned Incentives: Our Key to Navigating the Diverse High Yield Market

In our experience, family-owned private firms and small-to-medium sized public companies are most likely to borrow responsibly and prioritize bondholders ahead of other investors.
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Blog
Jul 5, 2019

Convertible Bonds: An Underappreciated Source of Alpha

Although most investors ignore the opportunities presented by these flexible fixed income securities, they are an integral component of our strategy.
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Blog
Apr 15, 2019

A Contrarian View: Now Is Still the Time to Invest in Growth

In early November 2018 we published a blog post claiming that the time was right to invest in growth. In this piece, we revisit our analysis and draw the same conclusion.
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Blog
Mar 14, 2019

A New Paradigm for Stocks: Digital vs. Decline, Not Growth vs. Value

As the influence of technology continues to increase, we believe investors need to reconsider the relevance of both the traditional style matrix and sector classifications.
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Blog
Dec 10, 2018

U.S. Consumers Poised to Drive Demand in 2019: Which Companies Can Capitalize?

In his 2019 preview, Jim Callinan explains why he feels retail businesses are the likely engines for growth and shares his views on sectors and firms that should outperform.
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Blog
Nov 5, 2018

A Contrarian View: Now Is the Time to Invest in Growth

With the U.S. economy now in its ninth year of expansion, investors have become wary of growth stocks and their higher multiples. The ongoing market volatility has increased these concerns, but research from Cornerstone Macro suggests that a slowdown in the economy may in fact be favorable for growth companies.
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Blog
Oct 5, 2018

Leveraged Buyouts: Risks May Lurk Beneath the Surface of These Popular Deals

The recent Blackstone->Thomson Reuters acquisition reminded us once again why we need to be extra vigilant when evaluating sponsor backed deals.
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Blog
Oct 2, 2018

The Case for Concentrated Portfolios

When it comes to investing, we have always believed that focus is more important than breadth. In our latest paper, John Osterweis and Jim Callinan discuss the advantages of concentrated portfolios.
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Blog
Sep 5, 2018

Finding Growth in Unexpected Places: Cyclical Industries

Jim Callinan explores three firms from traditionally slow-growing cyclical industries that he believes are building businesses well-positioned to outperform the market.
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Blog
Jul 6, 2018

MedTech Disruptors: Combining Better Patient Outcomes with Direct-to-Consumer Marketing

Jim Callinan discusses how these three innovative MedTech firms are leveraging direct-to-consumer marketing to accelerate growth and disrupt their industry.
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